Hyperliquid Strategies Submits Filing to Secure $1 Billion for HYPE Token Acquisitions and Growth

Hyperliquid Strategies has submitted a filing to the US Securities and Exchange Commission (SEC) to secure up to $1 billion as part of its strategic initiative to enhance its cryptocurrency assets and solidify its role in the expanding decentralized derivatives market.

Key Takeaways:

• Hyperliquid Strategies has approached the SEC to raise up to $1 billion for the acquisition of HYPE tokens and growth initiatives.
• The company is a product of the merger between Sonnet BioTherapeutics and Rorschach I LLC, a special purpose acquisition company (SPAC).
• Upon completion, it will become the largest corporate owner of HYPE.

As per the S-1 registration statement filed on Wednesday, the firm plans to issue up to 160 million shares of common stock to finance further purchases of the Hyperliquid (HYPE) token and to address general corporate expenditures.

Chardan Capital Markets is acting as the financial advisor for this offering.

Formation of Hyperliquid Strategies through Sonnet BioTherapeutics–Rorschach Merger

Hyperliquid Strategies is the outcome of an impending merger between Nasdaq-listed biotech company Sonnet BioTherapeutics and Rorschach I LLC, a special purpose acquisition company (SPAC).

Once the merger is finalized, the new entity will be headed by David Schamis as CEO, with Bob Diamond, the former CEO of Barclays, taking on the role of chairman.

The announcement of the filing coincided with an 8% increase in the HYPE token, which rose to $37.73 within the last 24 hours, despite a 0.6% decline in the overall cryptocurrency market, according to CoinGecko data.

Upon the merger’s completion, Hyperliquid Strategies is expected to possess 12.6 million HYPE tokens, valued at approximately $470 million, along with $305 million in cash designated for additional HYPE acquisitions.

This position would establish it as the largest corporate holder of the token, reinforcing its connection to the Hyperliquid ecosystem, which supports one of the most active decentralized derivatives platforms worldwide.

How significant can Hyperliquid become?
“Finance as a whole” – $HYPE CEO @chameleon_jeff
Hyperliquid pic.twitter.com/UUjZDZQZBs

— TBPN (@tbpn) October 22, 2025

The company’s actions reflect a rising trend among public and private entities utilizing traditional financing methods, equity, debt, or hybrid instruments, to establish cryptocurrency treasuries beyond Bitcoin (BTC) and Ether (ETH).

While such strategies may enhance share prices in the short term, analysts continue to express concerns regarding their long-term sustainability, especially during downturns in the altcoin market.

Nevertheless, Hyperliquid’s fundamentals seem robust, as the platform remains one of the most actively traded venues for perpetual futures (perps).

These instruments have gained popularity due to 24/7 trading, leverage options, and the potential to profit in both rising and falling markets.

Decentralized Perp Volume Exceeds $1T in October

According to DeFiLlama, decentralized perp trading volume has surpassed $1 trillion in the first 23 days of October, breaking the previous record of $772 billion set in September.

Hyperliquid leads the month with $317.6 billion in volume, followed by Lighter ($255.4B), Aster ($177.6B), and edgeX ($60.6B), highlighting its dominance in the DeFi derivatives space.

Despite the emergence of competitors, Hyperliquid continues to be the most influential player in the market.

The platform currently holds approximately 70% of the perp DEX market share, according to data from Token Terminal and DeFiLlama.

Hyperliquid has consistently established benchmarks for the industry.

In May 2025, it reported a 24-hour trading volume of $248 billion, showcasing its unparalleled liquidity and trader engagement.

By August, the platform also achieved its highest-ever revenue, generating $106 million, surpassing any other DeFi protocol at that time.

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